Wake Forest Housing Affordability Plan - September 2022

EXISTING CONDITIONS: HOUSING

HOUSING AFFORDABILITY PLAN | Town of Wake Forest

Housing Conditions

Rent Growth Rents for all rental housing have been increasing steadily across the Research Triangle region (32% from 2015 to 2021, per Figure 24), in particular since the start of the COVID-19 pandemic. From 2020 to 2021 alone, rents increased by about 15%. Rent increases in the region are consistent with national trends. Rents rose across the country as interest rates fell, supply chains were disrupted, and many people looked to relocate due to remote work. At the same time, new housing construction was disrupted, contributing to stagnating supply. The simultaneous increase in demand and stagnant housing supply resulted in rent increases. This rent growth has further reduced the supply of housing available to low-income households. For example, a household earning $40,000 can afford rent up to about $1,000 per month. Between 2010- 2020, Wake Forest added 2,152 homes that rent for more than $1,000 per month, while the number of homes renting below $1,000 per month only increased by 311 units (Figure 25).

FIGURE 24: MEDIAN RENT IN WAKE FOREST 2015-2021

COVID-19 PANDEMIC MARCH 2020

$1,800

APEX WAKE FOREST MORRISVILLE RALEIGH

$1,700

$1,701

$1,600

$1,475

$1,500

$1,400

CARY

$1,300

$1,286

$1,200

$1,100

$1,000 2015 2016 2017 2018 2019 2020 2021

Source: Zillow

FIGURE 25: CHANGE IN RENTAL UNITS IN WAKE FOREST 2010-2020

+311

+2,152

1,304

2010 2020

997

888

806

795

768

610

510

274

154

115

97

74

12

THE TAKEAWAY

Less than $600

$600 to $799

$800 to $999

$1,000 to $1,249

$1,250 to $1,499

$1,500 to $1,999

$2,000 or More

Rents were steadily increasing before the COVID-19 pandemic, but the median rent in Wake Forest has jumped over $200 in the past two years alone.

Source: American Community Survey (ACS) 5-Year, 2010 2020

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